金融学院知识库

  我国实体经济实现由高速增长向高质量发展的转变离不开创新这一重要推动力，中小企业作为创新最活跃的主体，对我国经济和社会都做出了重要的贡献，然而中小企业由于资产规模小、可抵押资产少、未来发展具有较大不确定性等特点长期面临严重的融资约束问题。创新活动需要大量且长期资金的支持，但由于我国目前的金融市场存在资源配置不均衡等问题，使得中小企业可融得资金严重不足，抑制了中小企业创新。数字普惠金融的出现降低了中小企业信息不对称问题，为中小企业提供了更多的资金来源，同时减少了其资金使用费用，提高了其融资效率，从而减轻了中小企业的资金短缺问题，为中小企业创新提供了有利的融资环境。

  本文首先梳理了与中小企业创新的相关文理论与献探讨数字普惠金融是如何影响中小企业创新，通过理论分析与文献梳理得出“数字普惠金融对中小企业创新具有推动作用，并通过减轻中小企业融资约束继而推动其创新”的结论。其次以2011-2020年中小板和创业板的上市公司为研究样本，实证检验数字普惠金融对中小企业创新的影响及影响途径，并对不同产权性质、地区、金融监管强度的中小企业进行异质性分析，检验数字普惠金融对中小企业创新是否存在异质性。最后基于研究结论分别从政府、金融机构、中小企业三个层面，为助力中小企业创新提出相应的建议。

  The transformation of China's economy from high-speed growth to high-quality development cannot be achieved without innovation as an important driving force. As the most active subject of innovation, small and medium-sized enterprises have made essential contributions to China's economy and society. However, due to their small asset scale, less mortgageable assets, greater uncertainty in future development and other characteristics, SMEs face serious constraints in financing for a long time. Innovation activities need a large amount of long-term capital support. However, due to the unbalanced allocation of resources in China's current financial market, SMEs are seriously short of funds available, which inhibits their innovation. The emergence of digital inclusive finance has reduced the problem of information asymmetry of SMEs, provided more sources of funds for SMEs, reduced their capital use costs, and improved their financing efficiency, thus reducing the problem of capital shortage of SMEs and providing a favorable financing environment for SMEs' innovation.

  This paper first reviews the relevant theories and contributions related to the innovation of small and medium-sized enterprises, and explores how digital inclusive finance affects the innovation of small and medium-sized enterprises, By analyzing relevant theories and combing relevant literature, it is concluded that "digital inclusive finance can promote SMEs' innovation, and digital inclusive finance can promote SMEs' innovation by easing their financing constraints". Secondly, using listed companies on the small and medium-sized board and the GEM board from 2011 to 2020 as research samples, this study empirically tests the impact and pathways of digital inclusive finance on the innovation of small and medium-sized enterprises. It also conducts heterogeneity analysis on small and medium-sized enterprises with different property rights, regions, and financial regulatory intensity to test whether there is heterogeneity in the innovation of small and medium-sized enterprises caused by digital inclusive finance. Finally, according to the research conclusions, the paper puts forward corresponding suggestions to promote the innovation of SMEs from the three levels of government, financial institutions and SMEs.